Replies to post #207 on Nickel & Cobalt

[Ed Monton]

Bell Resources, Callinan plan drilling at Fox River


2007-01-10 10:16 ET - News Release

Mr. Glen Zinn reports

AIRBORNE SURVEY REVEALS ADDITIONAL ANOMALIES FOR UPCOMING DRILLING AT FOX RIVER

Bell Resources Corp.'s continuing airborne versatile time domain electromagnetic (VTEM) survey being performed by Geotech Airborne Services at the Fox River project near Gillam in Northern Manitoba has identified four additional geophysical anomalies in the area of inferred faulting where the highly conductive, 1,000-metre-by-600-metre 07-5 anomaly was previously discovered. The Fox River property is held in a joint venture with Callinan Mines Ltd., with Callinan as the operator for the project.

Callinan president Mike Muzylowski explains: "Several of these highly conductive anomalies are coincident with broad magnetic highs, which could represent ultramafic intrusions into faults in the earth's crust. This is extremely relevant to us, because our Fox River joint venture lands cover the projected structural extension of the Thompson nickel belt.

"We are pleased that the VTEM surveys are detailing previously undetected conductors along this area of structural breaks and faulting. These results further support our geological model, which indicates that this area could host massive sulphide mineralization."

Preparation for the 20-hole phase I drill program at Fox River continues with field crews making significant headway in the preparation of the camp and the drill pads at the anomaly sites. Drilling is targeted to commence by the end of January.

The Fox River exploration program is under the supervision of Pat DeVeaux, PGeol, Callinan's chief geological consultant and a qualified person as defined by National Instrument 43-101.

The aerial survey is being conducted by Geotech Airborne Services of Aurora, Ont., using its award-winning VTEM system. The survey encompasses roughly 6,000 line kilometres of flight path over 167,000 hectares (413,000 acres) of the Callinan-Bell Fox River project lands. To date, Geotech has completed approximately 80 per cent of the survey.

Fox River joint venture project

The Bell/Callinan joint venture has earned a combined 60-per-cent interest in the Fox River project and has the right to earn a combined 70-per-cent interest. The consensus among geological professionals is that the Fox River area represents the best probability for a new discovery of a world-class base metal orebody in Canada. The Fox River belt is widely believed to be a potential host of an extension to the Thompson nickel belt. The project encompasses over 167,000 hectares and contains multiple high-priority nickel-platinum-group-element targets.